Metal Standards

National Gold Bank & Treasury Coin Notes:
Gold and Silver as a Common Standard

In the 1870s, Congress authorized nine banks in California to issue National Gold Bank notes which were redeemable in gold coin. These well-worn notes survive as tangible evidence of the rush for gold in California, when gold was the universal medium of exchange. Treasury Coin notes were issued in 1890 and 1891 with the passage of The Treasury Note Act of July 14, 1890.